May 13, 2019

New Integrated Resort In The Philippines On The Horizon

After a lengthy stand-off between gaming regulator PAGCOR and Waterfront Philippines Inc, the Philippines Court of Appeals (CA) has upheld a ruling by Manila’s Regional Trial Court to issue a provisional casino licence.

Waterfront is now free to operate a casino-hotel in Entertainment City ending an application process which began in 2008 with Waterfront depositing $100 million in cash to fulfil PAGCOR’s requirements.

Despite this significant payment Waterfront filed a petition in 2015 accusing PAGCOR of ignoring their application which resulted in PAGCOR paying Php200,000 for moral and exemplary damages.

The ruling could see Entertainment City welcome a fifth operator after all following President Rodrigo Duterte’s August 2018 proclamation that Landing International Development Ltd would not be permitted to build a planned US$1.5 million IR despite having been granted a provisional casino license.

There are currently three IRs in Entertainment City – Solaire Resort & Casino, City of Dreams Manila and Okada Manila – with Travellers International Hotel Group in the process of developing a fourth, Westside City Resorts World.

According to the Court of Appeals, Waterfront’s license would be “similar to those granted to Resorts World Manila, City of Dreams, Solaire Resort & Casino and Okada Manila.”

This is an excellent result for Dragon as Dragon Coin, the world’s number one entertainment coin could provide the perfect solution for globe-trotting High-Rollers looking to benefit from frictionless access to their funds regardless of where they happen to be playing.

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Published at Mon, 13 May 2019 11:26:24 +0000

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Dollar and Yen Push Lower

marctomarket.com / by Marc Chandler / April 20, 2017

With the exception of the yen, the US dollar is lower against all the major currencies. US Treasury yields are firm, extending yesterday’s rise a little. This may help keep the dollar straddling JPY109, but unwinding long yen cross positions is helping underpin the other major currencies. The Dollar Index is making a new low for the week and appears poised to test support around 98.85-99..00.

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